Schroders PLC · LSE:SDR
Schroders — Merger or Acquisition (March 2013)
9 slides from Schroders's merger presentation, Mar 25, 2013
Slide 1: Proposed acquisition of Cazenove Capital
Proposed acquisition of Michael Dobson Chief Executive 25 March 2013
Slide 2: Overview
Overview Scale in Private Banking, complementary skills in Asset Management End February AUM: £18.7bn Schroders AUM: £212.0bn 31 December 2012 16.3 Significant increase in scale and capabilities in Wealth Management 72.0 Material extension of client base 123.7 Strength of Cazenove brand in U
Slide 3: Terms of offer to Cazenove Capital shareholders
Terms of offer to Cazenove Capital shareholders Highlights 135 pence per share Fully diluted value £424m Acquisition cost to Schroders £395m Cash offer with Schroders loan note and fund alternative via scheme of arrangement Proposed acquisition of Cazenove Capital | 25 March 2013 2
Slide 4: Private Banking
Private Banking Creating scale in a core business Pro forma assets under management up 74% to £28.4bn Pro forma 2012 revenue up 78% to £167.8m Financial planning capability Strengthened client service proposition One of the market leaders in charities Cultural fit Strong brand in UK We
Slide 5: Investment Funds
Investment Funds Complementary skills and strategies in Asset Management Cazenove Capital Investment Funds £5.1bn of UK Intermediary AUM Highly-rated portfolio managers – UK Equities – European Equities – Multi-manager – Fixed Income Strong investment performance Complementary strategies O
Slide 6: Cazenove Capital's 2012 performance
Cazenove Capital’s 2012 performance Financial performance £m £bn 80 20 70 18.7 19 60.8 60 18 50.5 17.2 50 17 40 15.6 16 30 15 20 14.3 14 10 8.1 13 0 12 H1 2012 H2 2012 Feb 2013 AUM Revenue PBT Source: Cazenove Interim and Annual Reports 2012 as at 30 June and 31 December. Cazenove Capital website fo
Slide 7: Value of acquisition
Value of acquisition Value of acquisition £m Fully diluted value 424 Less: post-acquisition cost of share-based remuneration schemes paid out on future vesting (29) Consideration 395 £m Total +5 months of Net tangible assets 90 2013 result Intangible: goodwill and fund 305 management contracts Consi
Slide 8: Surplus capital
Surplus capital Pro forma as at 31 December 2012 Cazenove Capital Surplus capital £m Schroders Investment Capital - £m 31 Dec 2012 Net tangible assets 90 Schroders’ investment capital 926 Dividend (14) Less: acquisition of Cazenove Capital1 (395) Regulatory capital (26) Add: surplus capital in busin
Slide 9: Disclaimer and forward-looking statements
Disclaimer and forward-looking statements This presentation is being made available only to persons who fall within the exemptions contained in Article 19 and Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and persons who are otherwise permitted by law to